Bitcoin Drops Over 12% Of Its Value In Just 24 Hours

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Bitcoin has recently lost a lot of its value. However, the latest crash has been of over 12% of its value in just 24 hours. Bitcoin now trades at around $5,673, a level at which it was at in October 2017. However later that year, i.e., in December, prices of Bitcoin were at an all-time high of $20,000. Does the latest crash in Bitcoin value signal the final death of cryptocurrencies or should we expect a revival soon?

It is no surprise that the entire cryptocurrency market follows the trend set by Bitcoin. All the major currencies, i.e., those in the top 20 seem to have lost between 9% and 16% of their values over just a single day. The only exception is perhaps Tether which was directly pegged to the US Dollar. BTC was traded at present price levels just last year in October 2017.

We have seen the entire cryptocurrency market contract considerably at a rapid pace compared to Bitcoin which seems to be doing comparatively well. BTC continues to be the most popular cryptocurrency occupying 53% of the cryptocurrency market. Bitcoin cash occupies 4%, and Ethereum occupies just 10%.

According to Brian Kelly, the founder, and CEO of BKCM, a lot of the crash has to do with Bitcoin Cash. Calling it the crypto civil war would be a fair label owing to the announcement of BCH hard fork which as caused the market to go into chaos mode. Also behind the cryptocurrency market is technology or upgrades in technology which are behind some of the most noticed movements in price.

Kelly says that everyone just started selling which suddenly triggered the stops. Everybody is in concern mode, and that’s what has resulted in the whole market going into a tailspin.

However, Kelly, as well as a few others, strongly believe that the downturn is temporary and people should look at it as an opportunity. On the other hand, Meltem Demirors who is the Chief Strategy Officer at CoinShares has warned all potential investors in the crypto space that many if not most of the assets are not frequently traded and so they have a small trading volume. Thus, investors need to approach with a great deal of careful assessment.

If Bitcoin continues to depreciate it can end up providing a tonne of short-selling opportunities for investors. That said the cryptocurrency market is volatile and any forecasts shouldn’t be taken as the word of God. Crypto and all assets under this umbrella are very hard if not impossible to predict.

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Bitcoin Dominance Rises To The Highest Level This Year

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The international cryptocurrency market is in flux as bitcoin continues to try and re-establish its apex status. It seems that without it all other cryptos are as unstable and untrustworthy. Also, major tokens have now fallen to new lows while at the same time Bitcoin has somehow managed to hold on to its $6000 value. One of the reasons for its strength is increased market share which is currently at 57.9%. It is the highest market share for the biggest reserve cryptocurrency and is also backed by a great deal of trading volume.

The recent drastic plunge in cryptocurrency value has in part been due to severe and anti-crypto regulations by the US. The SEC has levied many actions against businesses using cryptocurrencies which is setting a somewhat dangerous precedent for others. The first action was taken against Crypto Asset Managment CP, which is a California based service. The service has been accused of operating an investment company without proper registration, using false advertising and also lying to its investors. The firm was apparently marketing and selling otherwise unlisted cryptos but was touted as the first regulated fund in America which the SEC contends are claims that are false.

CAM has been accused of operating funds without being registered as an investment company. Consequently engaging in such a business and engaging in non-exempt public offerings not to mention investing over 40% of the assets in digital securities is considered fraud by the SEC.

The business has since then ceased its so-called public offering and has offered buybacks from all investors who are affected by the SEC’s action against them. Both Enneking and CAM have agreed to the SEC’s order to cease, desist and censure but without admitting or either denying the findings against the company. Though they have agreed to pay a $200,000 penalty.

The other action was against the ICO Superstore and is the first of such action to be taken against an unregistered dealer/broker. Both the operators and the ICO Superstore have been charged with selling off digital tokens without proper licensing and not complying with the required SEC regulations. A recent federal judge ruling read that the ICO Superstore was, in fact, a scam and as such subject to strict US securities laws. This particular ruling sets a very important precedent since it acknowledges that some types of ICOs and cryptocurrencies are seen as securities.

Interestingly Bitcoin today continues to remain as one of the most resilient currencies as it continues to sell and still has a lot of support. Bitcoin continues to ride the $6000 mark trading value at which it seems to be holding tight.

Indicators suggest that a bullish crossover is consistent with the level of support so there is a good chance there will be an uptick in prices. That move may see some resistance in the short term average movement, though a movement above that mark is going to be bullish. If the prices decline to sub $6250 levels, there will be a new long-term low of around $5,800.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. The financial products offered by the company carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose.

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Nasdaq Is Building a Tool to Predict Crypto Price

Bitcoin Stock Image 2

Bitcoin LogosWe have heard from a senior executive at the NASDAQ who has decided to remain anonymous for obvious reasons that the U.S stock exchange is currently preparing to add tools to predict price movements of various leading cryptocurrencies. The new tool will be added to the NASDAQ’s Analytics Hub. The hub was launched just last year (2017) and provides investors with a more accurate way of predicting the market and assessing movement.

So far the Analytics Hub has primarily been focused on predicting the movement of traditional assets. Though the addition of digital currencies may seem to be yet another step by Wall Street in favor of cryptos. Speaking to the press, Bill Dague the head of the NASDAQ’s alternative data said that there is a lot of interest in cryptos and so they are consequently exploring various cryptocurrency related instruments. However, the executive added that it is still not clear if there will be such a tool as rumored by multiple sources.

The source which leaked this information is supposed to be working with the NASDAQ on building the tool or adding the functionality which is in its beta phase. According to the source, the new service will provide sentiment on nearly 500 cryptocurrencies and ICOs by taking a so-called three-pronged approach to looking at the flow of funds via wallets, social media, data from exchanges and analysis.

The news is hot of the heels of an announcement by Adena Friedman the current NASDAQ CEO who said that the company was looking into ways to offer bitcoin futures product. Then later in April, she said that they could possibly consider creating a cryptocurrency exchange. Though at the moment there isn’t much information about that.

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Ripple CEO: “Bitcoin’s Influence Could End Soon”

Ripple Logotype Branding

Ripple Logotype BrandingThrough the current first and second half of 2018, cryptocurrency prices have been correlated with that of bitcoin. However, we may soon see the end of this correlation as markets are now starting to understand the significant differences between each type of cryptocurrency and their intended use cases according to Brad Garlinghouse the CEO of Ripple.

Garlinghouse was quoted as saying that there is a pretty high correlation between bitcoin prices as XRP (Ripple), despite each being an open source and independent technology. So, it is about time that we start to see a sensible move towards behavior that reflects that each one of these currencies is fundamentally different.

Garlinghouse

Garlinghouse is the CEO of payment protocol company Ripple

Ripple is mainly a network developed for swift global transactions, and XRP is the company’s digital token which associated financial institutions can use to send and receive money swiftly.

Ripple has reported an excellent first quarter during which it signed a whopping 20 production contracts with new companies according to Garlinghouse. However, during that same period of growth, the XRP had lost 70% of its previous value and ended up as the worst performing cryptocurrency amongst the lot.

However, the industry is still in its infancy and speculation is still the rule of law for traders according to Garlinghouse. Though it is only a matter of time before people begin to understand each cryptocurrency’s use case.

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Is Ethereum The New Bitcoin On The Block?

Ethereum Logotype Branding

Ethereum Logotype BrandingSome of the top dogs in the cryptocurrency ranking range in the literally hundreds if not thousands of dollars in value. However, so does the number of cryptocurrencies that according to some estimates happen to be up to 2000 different types.

Though by all estimates the vast majority of people have no idea what cryptocurrencies are, how they work and what use they have. Just a fraction of the people know of only one cryptocurrency, i.e., bitcoin thanks to the media.

It is really a shame that with so many cryptocurrencies and the way they are revolutionizing commerce not many people know about it. Also, Bitcoin is just one of the many cryptocurrencies albeit the biggest one too but not necessarily the best. The second dominant cryptocurrency is Ehtereum but which only has 20% of bitcoin’s market share making it significantly smaller.

What type of cryptocurrency is Ethereum?

Ethereum is one of the newer types of cryptocurrencies which mainly simplifies the mining or creation. Plus, it speeds up order processing and addresses issues like limits, growth figures, etc. These features help ethereum distinguish itself from other currencies.

Ethereum like Bitcoin is also based on blockchain technology which is a fancy term used for a decentralized database which is encrypted hence preventing unauthorized access and tampering.

Smart contracts are used to for the smooth processing of exchange, or it can also be used to handle decentralized tasks like running programming code across a network which prevents data manipulation.

Ethereum is by definition and in the real sense a virtual currency because the blockchain is usable in other aspects of the computer network. The official ethereum website has a lot of information about the currency and how it works. Plus, it offers basic yet updated statics about it like its mining process, rewards, quantity and value

The Advantages of Ethereum

Crypto Currency Guide.jpgPerhaps one of the biggest advantage of using ethereum is the fact that it has a well-designed system which has also been responsible for the formation of the Enterprise Ethereum Alliance. The EEA as it is called includes member organizations like JP Morgan Chase and Microsoft.

Ethereum is a well respected and trusted cryptocurrency in the community and one of the reasons why it kicked off to such a great start. As a matter of fact, some estimate that the currency is so well designed that it could easily overtake bitcoin in the next few years. However, already is the second most valuable cryptocurrency.

One of the other reasons for the ethereum boom and its continuing success is its use by major ICOs. Almost all ICOs or Initial Coin Offerings accept etherium as their primary source of funding.

How is ethereum traded

Ethereum is like any other cryptocurrency, and so it is subject to the same market conditions as many others out there, not to mention the regulation and rules. In addition to technically analyzing etherium you also need to consider the EEA which stands for Member Statements on Ethereum and the addition of new members. All of which contributes to significant price volatility.

Unlike Monero and Bitcoin ethereum is not an anonymous currency. That means you need to constantly keep yourself updated with the latest developments by Gavin Wood and Vitalik Buterin. What they have to say and do, will and does impact the price of this currency.Different Available CryptoCurrencies

Unless your intention is to use ethereum to purchase services and goods, it can also be traded like Forex or via cryptocurrency exchanges. Most if not all brokers will show the current ethereum exchange rate with a corresponding US dollar value.

If you have a solid trading strategy, then that will work perfectly with ethereum. Though you may want to go through the historical data before making any trading speculation.

Using Ethereum for binary options

Ethereum can also be traded as binary options like other currencies. Currently, this type of binary options trading is being offered by BD Swiss and IQ Option. You can find out more about trading these and other cryptocurrencies by visiting these brokers’ websites.

Start trading now by opening a DEMO account to a Crypto Broker IQ Option by clicking the link below:Open a Free Demo AccountGeneral Risk Warning: The financial products offered by the company carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose.